TOP REAL ESTATE AND DEVELOPMENT LAWYERS 2025
Condos
buildings into mixed-use development featuring residential units, retail spaces and a public commons area. The adaptive reuse component creates opportunities for restaurants and retail establishments while preserving historic structures. Both transactions presented distinct obstacles, Hull said. The affordable housing project faced regulatory requirements for public construction and financial constraints typical of an experienced team from the start, including a civil engineer, surveyor, architect and real estate and land use counsel, to analyze physical and legal constraints on subdivision and strategize on an approach to obtaining all required approvals, both public and private, to effectuate the conversion to individual condo units. Shannon Mandich is a partner, and Brooke Miller is special counsel at Sheppard Mullin Richter & Hampton LLP.
able to take advantage of streamlining under state and local laws that allow for ministerial approval of certain subdivisions in commercial and industrial zones. Subdivisions of less than five total units are also typically eligible for faster processing. Because of the many factors that impact the ability and process of commercial condominium conversion, it is important to engage
Hull
such developments. Hull assembled a multidisciplinary team to develop solutions that moved the project forward. The historic redevelopment project continues to face financing hurdles, though Hull’s team has made progress exploring mezzanine financing options. Looking ahead, Hull expects continued evolution in her field. Changes in state law incentivizing public land sales for housing, along
with shifts in local control and zoning regulations, will reshape transaction structures. “As an attorney practicing in this area, navigating the changes and ensuring compliance with the evolving regulatory landscape will be key to assisting clients going forward,” she said.
and mental health challenges. The transaction required the developer to construct both the housing project and a replacement administrative building for the agency, sharing amenities like parking and open space. Another ongoing project involves transforming a site with historic
O’Neill
rights and not being afraid to litigate if necessary,” O’Neill said. “The power dynamic between applicants and local governments is really starting to shift.”
This change reflects broader developments in California housing policy, where state legislation increasingly limits local government authority over housing approvals. O’Neill’s practice sits at the
intersection of these legal and political changes, using litigation and negotiation to advance housing development in a state grappling with severe housing shortages.
“I am starting to see developers be more comfortable asserting their
Alvarado
Bonstelle
to be a major headwind across all asset classes,” Alvarado observed. “Clients are cautious about making long-term commitments or launching new development projects while the cost of capital remains unpredictable.” Asset class performance varies significantly. Retail real estate is experiencing targeted rebounds in well-located, experiential centers, while office properties remain soft with landlords focusing on repositioning existing assets rather than new development, Alvarado said. Industrial and housing sectors maintain relative strength, driven by e-commerce growth, logistics demands, and multifamily development activity, he added. “Overall, our legal work is increasingly shaped by clients trying to navigate a complex macro environment–balancing opportunity with caution and seeking creative legal solutions to move forward amid uncertainty,” Alvarado said.
office of the city benefits of a large medical office project near Cedar Sinai Medical Center and balance that with the needs of the neighbors by protecting the surrounding streets from traffic and mitigating construction impacts,” she said. Bonstelle operates within a changing legal landscape. Recent state legislation has strengthened provisions in environmental law, the Housing Accountability Act and the Permit Streamlining Act to prevent local governments from denying housing projects without specific health and safety findings. The laws also provide more environmental exemptions for housing projects and require expedited judicial review. “Housing projects are often delayed or denied by city councils and commissions due to neighborhood opposition, who often claim environmental impacts, gentrification, or a change in the character of the area,” Bonstelle said.
client objectives before applying legal and business expertise. “I really dedicate myself to understanding each client’s needs and business objectives, and then I can bring in my legal and business expertise -- plus network connections and genuine enthusiasm for achieving greatness -- to help them meet their goals,” he said. legal work, Alvarado said. Interest rate uncertainty remains a primary concern across asset classes, leading to increased restructuring, refinancing and joint venture activity as clients seek risk-sharing arrangements, he said. Tariff Current market conditions are reshaping client strategies and policies and supply chain volatility have prompted additional diligence around force majeure clauses and construction contract protections. “Interest rate uncertainty continues
strong written legal arguments in the record that could be relied on by the court to overturn the denial.” Another case, the San Vicente project, involved a multi-year entitlement process for a 145,000 square foot medical office building near Cedars-Sinai Medical Center. Bonstelle coordinated environmental consultants, architects, engineers and public relations consultants through dozens of public hearings with neighborhood associations, planning commissions and city council. When a neighborhood association sued the project, Bonstelle negotiated an early settlement by addressing each neighbor concern through specific conditions. The 12-story building is now in the building department plan check process. “I had to convince the council
DAILY JOURNAL SUPPLEMENT | JUNE 18, 2025 | PAGE 23
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